As consumers become more hyper-connected, industries are feeling the continual push to adapt in today’s digital revolution. When it comes to creating optimal customer service, the banking and finance industry has the opportunity to leverage new mobile technology. Before joining a bank, many customers assess the organization’s website, mobile, social media, and overall digital presence as well as current banking rates (APRs). Below are three customer experience trends in the banking and finance industry.
- Find the best way to share
Previously, banks thought the idea of omnichannel would allow them to communicate with consumers effectively. Omnichannel is the sharing of messages through multiple channels. The idea here is that people prefer to communicate through different mediums. Therefore, banks should give consumers the ability to reach customer service representatives through a preferred medium (e.g., in person, over the phone, on social media, through a website, etc.). However, not all messages are received similarly over different mediums, which could potentially create detrimental issues for your brand (i.e. customers likely will have different expectations for resolving customer service on Twitter as they do via phone, online, and in-person). Through this evolution, the use of an optichannel became the new standard. Optichannel is the delivery of a message through the best channel. Organizations should determine the best channel for providing customers with the brand information they desire. To ensure an optimal customer experience, organizations should ask customers about their channel preferences for the various messages they may receive from the brand.
- Digital payments are in your future
As the number of consumers that make at least one payment via their mobile phone each week rises, digital payments through an online website and a mobile app are becoming a must have for banks and credit unions. Not only must these services be available, but they must be personalized and easy to use. For example, some customers may prefer to make regularly scheduled credit card payments, while others pay their balance in full each month. In addition to providing individualized payment options, the process must be streamlined, easy to use, and it must work. For example if mobile check deposit is available, it should be simple for customers to select the amount being deposited, take a picture of the physical check, and receive a confirmation that the deposit to their account was made.
- Blockchain technology
Somewhat known as new technology underpinning bitcoin, blockchain is emerging and could revolutionize the way the banking and finance industry is currently doing business. Instead of relying on a paper trail to tell the digital truth, blockchain technology relies on computer-based algorithms. Records are kept on multiple computers that are isolated, meaning that attempting to falsify a record is nearly impossible. This allows companies to keep transparent and fool-proof records. This means tracking financial agreements, money, and banking/financial communication could be made simpler, faster, and more reliable, which is top of mind for consumers.
RMS is a full-service market research firm located in Syracuse, NY. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Senior Director of Business Development and Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422. Visit our website at www.RMSresults.com.
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